Brexit LIVE: It is the end EU chief sets exact date axe to fall on City in bloc revenge

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The European Commissioner for financial services Mairead McGuiness confirmed that UK-based firms will not be able to operate within the bloc from June 2025. She said: “I am very clear that June 2025 is the end of equivalence for UK clearing houses.”

The deadline comes after an initial extension to the deadline set when Britain left the EU in 2020, Ms McGuiness said it will “prevent nay short-term cliff-edge effect” from financial market volatility.


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